BPH reaches another milestone in progressing Baleen prospect
In a development that will assist in paving the way for drilling of the Baleen prospect, offshore New South Wales, BPH Energy Ltd’s (ASX:BPH) investee company, Advent Energy Ltd through its wholly-owned subsidiary Asset Energy Pty Ltd (Asset), has signed a Preliminary Well Services Agreement with Add Energy.
Advent Energy Ltd is an unlisted oil and gas exploration company held by major shareholders, BPH Energy, Grandbridge (ASX: GBA) and MEC Resources (ASX: MMR).
The group holds a strong portfolio of near-term development and exploration assets spanning highly prospective acreage onshore and offshore Australia in proven petroleum basins.
Advent Energy’s asset base also incorporates both conventional and unconventional petroleum targets.
Under the agreement, Add Energy will initiate a review of rig availability and engagement terms for the Baleen well program.
The following map shows the location of Block PEP 11 offshore Australia where the Baleen well site is situated.
Add Energy brings global experience
Add Energy will also develop a scope of supply for regulatory and environmental compliance, while also reviewing the drilling campaign schedule, including a review of the program for geosequestration drilling research as part of the Baleen drill project.
The group operates in every region of the world, including 15 locations in Europe, the Middle East, the Americas and Australia.
With this background it will bring experienced drilling and well engineering, specialised consultancy services and solutions to the energy industry on a global scale, including well design and environmental services.
Advent has submitted to the National Offshore Petroleum Titles Administrator (NOPTA) an application to enable the drilling of the Baleen drill target in the PEP11 permit offshore NSW.
Through its wholly owned subsidiary asset, Advent holds an 85% interest and is operator of the permit.
Bounty Oil and Gas NL (ASX: BUY) holds the remaining 15%.
Permit decision could provide share price momentum
The Joint Venture applied to NOPTA in 2020 for a change to the current permit conditions to proceed with the drilling.
Management confirmed today that this application which will be a material development for the group is in the final decision phase.
Prior to these developments, BPH entered into an agreement in relation to Advent’s Offer Information Statement, to sub-underwrite the Advent raising for an amount of $1,000,000.
In terms of fully capitalising on the offshore prospect, BPH appointed Professor Peter Cook as an advisor on geosequestration (the geological storage of carbon dioxide) for its project in the Offshore Sydney Basin.
This region offers the potential opportunity for NSW to make deep cuts in its CO2 emissions through CCS -Carbon Capture and Storage (geosequestration of CO2 emissions).
CCS is part of a suite of solutions with the potential to mitigate greenhouse gas emissions and help address climate change.
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.